Dogecoin Extends Decline as Crypto Sentiment Sours

随着加密货币情绪恶化，狗狗币继续下跌

Dogecoin resumed its downward trajectory on Wednesday amid a prevailing bearish sentiment in the crypto market.

由于加密货币市场普遍存在看跌情绪，狗狗币周三恢复了下跌趋势。

DOGE witnessed a notable 4% drop on Wednesday morning, mirroring the performance of its peers Bitcoin, Ethereum, and BNB Coin. The cryptocurrency has now plunged nearly 50% from its annual peak and remains 75% below its all-time high. Here are three key factors contributing to its ongoing market decline:

DOGE 于周三上午显着下跌 4%，与比特币、以太坊和 BNB 币的表现相呼应。该加密货币目前已较年度峰值暴跌近 50%，仍比历史最高点低 75%。以下是导致其市场持续下滑的三个关键因素：

Intensified Competition from Newer Meme Co

Newer Meme Co 的竞争加剧

Dogecoin has suffered from the rise of competing meme coins, such as Pepe, Dogwifhat, Bonk, and Brent. These tokens have outperformed Dogecoin by leaps and bounds, registering gains of over 200% this year.

狗狗币因 Pepe、Dogwifhat、Bonk 和 Brent 等竞争性 meme 币的崛起而受到影响。这些代币的表现突飞猛进，今年涨幅超过 200%。

This competition is evident in the daily trading volume. According to CoinGecko data, Dogecoin's 24-hour volume was recorded at $585 million, while its market capitalization exceeded $17 billion.

这种竞争在每日交易量中显而易见。根据CoinGecko数据，狗狗币24小时交易量录得5.85亿美元，而其市值则超过170亿美元。

Conversely, Pepe, with a market cap of $4.36 billion, boasted a trading volume of $676 million. Similarly, Dogwifhat logged a 24-hour volume of $587 million. This indicates a growing demand for these newer tokens among traders.

相反，佩佩的市值为 43.6 亿美元，交易量却高达 6.76 亿美元。同样，Dogwifhat 的 24 小时交易量为 5.87 亿美元。这表明交易者对这些新代币的需求不断增长。

Deteriorating Crypto Fear and Greed Index

加密货币恐惧和贪婪指数恶化

Investor sentiment towards cryptocurrencies, including Dogecoin, has taken a pessimistic turn. The widely followed fear and greed index has dipped to the neutral level of 48, down from its year-to-date high of 90.35. Should this trend continue, a shift into the fear zone is highly likely.

投资者对包括狗狗币在内的加密货币的情绪已经发生悲观转变。广受关注的恐惧和贪婪指数已从年初至今的高点 90.35 降至 48 的中性水平。如果这种趋势持续下去，很可能会进入恐惧区。

Historically, cryptocurrencies and other risk assets experience sell-offs during periods of elevated market fear. This anxiety stems from the absence of significant drivers within the crypto industry.

从历史上看，加密货币和其他风险资产在市场恐慌加剧期间会遭受抛售。这种焦虑源于加密行业内缺乏重要的驱动因素。

Technical Patterns Suggest Downward Momentum

技术形态显示下行势头

Dogecoin's price action has also been influenced by bearish technical patterns. Notably, the coin has been trending towards a "death cross," a technical indicator that occurs when the 50-day and 200-day moving averages intersect. This pattern signifies a potential acceleration of the sell-off.

狗狗币的价格走势也受到看跌技术模式的影响。值得注意的是，该代币一直呈“死亡交叉”趋势，这是一种在 50 天和 200 天移动平均线相交时出现的技术指标。这种模式意味着抛售可能会加速。

Moreover, Dogecoin has faced formidable resistance during its previous recovery attempts. In May, it encountered strong resistance at $0.1750, and in June, it repeated at $0.1285. These bearish signals are reinforced by the recent bearish behavior of Bitcoin, which has established a "quadruple top" pattern and has fallen below its 50-day and 100-day moving averages.

此外，狗狗币在之前的复苏尝试中也面临着巨大的阻力。 5月份，它在0.1750美元处遇到强劲阻力，6月份，它又在0.1285美元处重复。比特币最近的看跌行为强化了这些看跌信号，比特币已经建立了“四重顶”模式，并已跌破其 50 日和 100 日移动均线。